Indian American firm to build rural roads in India
Thursday, 19 June 2008, 00:50 IST
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New York: An Indian American company specialising in infrastructure projects in India has won a $103 million contract to build rural roads in the country. India Globalisation Capital, Inc (IGC), based in Bethesda, Maryland, has received the contract last week from Hindustan Steelworks Construction Ltd to build the roads affected by rains in Madhya Pradesh over three years. The work will be executed by one of IGC's two Indian subsidiaries, Nagpur-based Sricon Infrastructure Private Ltd. "It's a very significant order for us," IGC's chief executive Ram Mukunda said. "It increases the company's book of orders to $349 million. It allows us to make an impact on the lives of rural people in India." Besides rural roads, IGC builds highways, bridges and tunnels as well as participates in mining projects. The company, incorporated in 2005, trades on the American Stock Exchange and expects to bring in $100 million in revenue this year, Mukunda said in a press release. The Indian government plans to spend an estimated $70 billion on infrastructure by 2010, according to reports.
Source: IANS
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